Chicago investment executive Peter Thompson is branching out on his own, acquiring advisory firm Chicago Asset Management Company. Mr Thompson moves from a position as executive vice president of fund manager Ariel Capital Management, a firm with $16 billion under management to his new role as president and chief executive officer. Chicago Asset Management specialises in equity, fixed-income and balanced portfolios for institutions, pension funds, endowment funds, family offices and high net worth individuals. and has around $600 million under management. Terms of the deal were not disclosed. "I have always wanted to lead my own firm," said Mr Thompson. "I am thrilled that I now have the opportunity to do so by acquiring an established Chicago business with a solid track record, wide recognition, and great potential to attract new clients."